Outsourcing Contract

Banco Comercial Portugues S.A.
07 July 2003



For immediate release                                         July 4, 2003


                                   ANNOUNCEMENT


                 BCP reduce its IT infrastructure costs by 25%


                    BCP and IBM signed an outsourcing contract



Lisbon, 4th July 2003 - Banco Comercial Portugues S.A. (BCP, NYSE: BPC, LSE:
BCP) informs that has signed a contract with IBM to outsource part of its IT
infrastructure for a period of 10 years, effective 1st of July 2003, following
the announcement made in 5th June 2003. This contract is part of BCP's strategic
decision to further rationalize its investments and improve cost savings in the
IT area.



Within this agreement IBM will manage from now on the BCP IT infrastructure,
mainframe and i-Series, the IT center, the hosting of Unix system and the
business continuity and disaster recovery of related operations. As result of
the deal, BCP estimates to reduce its IT infrastructure costs by 25%, already
with positive impact on short term, based on a total contract value of € 340
million for a period of 10years.



- End of announcement -






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